GC Rieber Shipping ASA - First Quarter 2019 Bergen 14 May 2019 GC - - PowerPoint PPT Presentation

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gc rieber shipping asa first quarter 2019
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GC Rieber Shipping ASA - First Quarter 2019 Bergen 14 May 2019 GC - - PowerPoint PPT Presentation

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GC Rieber Shipping ASA - First Quarter 2019 Bergen 14 May 2019 GC RIEBER SHIPPING Agenda Highlights Q1 2019 Operational review Financial review Outlook and summary Highlights Q1 2019 Total loss of NOK 104.5 million,

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SLIDE 1

GC RIEBER SHIPPING

GC Rieber Shipping ASA - First Quarter 2019

Bergen 14 May 2019

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SLIDE 2

Agenda

  • Highlights Q1 2019
  • Operational review
  • Financial review
  • Outlook and summary
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SLIDE 3

Highlights Q1 2019

  • Total loss of NOK 104.5 million, compared with a loss of

NOK 59.1 million in Q1 2018

  • Fleet utilisation of 84%
  • Contract backlog of NOK 374 million as of 1 April 2019
  • Contract coverage of 67% for the remaining of 2019
  • Ship management contract signed with Statnett for

technical management of two vessels Post-quarters events

  • Sale of Ernest Shackleton with positive cash effect of

NOK ~140 million on 9 May 2019

1 Excluding marine seismic 2 Excluding options and marine seismic 1 2 2

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SLIDE 4

Contract updates

Highlights Q1 2019

  • Ship management contract signed with Statnett for technical management of two vessels
  • Shearwater GeoServices («Shearwater») awarded several contracts for 3D and 4D marine seismic

acquisition projects. The contracts include projects for clients such as Equinor, TGS, Aker BP and TPAO Contract updates after the end of the period

  • Shearwater awarded several new marine seismic contracts, increasing the active fleet from three to

minimum nine active acquisition vessels during the first half of 2019

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SLIDE 5

Highlights Q1 2019 - Key financial figures

31 61 70 70 48 10 20 30 40 50 60 70 80 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

  • 22

9

  • 7
  • 62
  • 80
  • 60
  • 40
  • 20

20 40 60 80 100 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

REVENUE

NOK million

EBITDA*

NOK million

  • 59
  • 9
  • 53
  • 104
  • 120
  • 100
  • 80
  • 60
  • 40
  • 20

20 40 60 80 100 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

NET PROFIT

NOK million

*Includes profit and losses from Joint Ventures

300

274 269

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SLIDE 6

Operational Review

Q1 2019

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SLIDE 7

Total contract backlog of NOK 374 million* per 1 April 2019

67% 34% 14% 0% 20% 40% 60% 80% 100% From 1 April 2019 2020 2021 189 132 53 100 200 From 1 April 2019 2020 2021

CONTRACT BACKLOG*

NOK million

CONTRACT COVERAGE*

Utilisation rate *Excluding marine seismic Excluding options

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SLIDE 8

Subsea Segment

  • Fleet utilisation of 74% in Q1 2019 (48%)
  • Polar King on charter for the entire

period

  • Polar Onyx in dry dock until February
  • Polar Queen on charter for two of three

months

  • Outlook
  • Polar Onyx on a fixed charter with

DeepOcean until Q1 2021, with options for two more years

  • Polar King on fixed charter with

Nexans until end August 2019

  • Polar Queen employed until

September 2019

Polar Onyx Polar King Polar Queen

  • SURF vessel, built

2014

  • LOA: 130m
  • Crane: 250mt
  • VLS-tower: 275mt
  • Accommodation: 130
  • CSV vessel, built 2011
  • LOA: 111m
  • Crane: 150 mt
  • Accommodation: 112
  • CSV vessel, built 2011
  • LOA: 111m
  • Crane: 150 mt
  • Accommodation: 119
  • Undisclosed client

27 56 65 66 44

  • 19

14 14 11

  • 10
  • 20

20 60 100 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Operating income EBITDA Fleet utilisation (%)

KEY FIGURES

NOK million

48 % 74 % 86 % 97 % 95 %

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SLIDE 9

Ice/Support Segment

  • Fleet utilisation of 100% in Q1 2019

(100%)

  • Vessel on bareboat charter to

British Antarctic Survey until redelivery end April 2019

  • Sale of Ernest Shackleton to

Istituto Nazionale di Oceanografia e di Geofisica Sperimentale on 9 May 2019

  • Polar research and

subsea support vessel

  • LOA: 80m
  • 50 berths, large decks

& cranes allows for multiple tasks

  • Used as an Antarctic

research vessel

4 4 4 4 4 4 4 4 4 4 2 4 6 8 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Operating income EBITDA

Fleet utilisation (%)

100 % 100 % 100 % 100 % 100 %

KEY FIGURES

NOK million Ernest Shackleton

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SLIDE 10

Joint Ventures – Ice/Support

  • Ice/Support
  • Fleet utilisation of 100% in Q1

2019 (97%)

  • Polar Pevek on charter to Exxon

Neftegas (ENL) until 2021

  • Polar Baikal and Polar Piltun on

charter to Sakhalin Energy Investment Corporation until end

  • f 2019
  • Share of profit in Q1 2019 of NOK

4.2 million

  • Ice breaking tug with

towing anchor handling capacity

  • LOA: 74m
  • Oil spill drip tray and
  • il containment

system installed

  • Crew supply vessel
  • LOA: 29m
  • Used for crew

transport between shore and installation in North Eastern Russia

  • Pax: 70
  • Crew supply vessel
  • LOA: 35m
  • Used for crew

transport between shore and installation in North Eastern Russia

  • Pax: 70

3 5 14 11 4 5 10 15 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Share of profit

KEY FIGURES*

NOK million Polar Pevek Polar Baikal Polar Piltun * Polar Baikal and Polar Piltun only operate for half the year, the vessels are cold stacked in the winter season

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SLIDE 11

Associated company– Marine Seismic (Shearwater)

  • Marine Seismic (Shearwater)
  • 72% fleet utilisation in Q1 2019 for

active vessels

  • Shearwater’s fleet counts 14 acquisition

vessels

  • Reactivation of vessels for the summer

season

  • GC Rieber Shipping’s Q1 2019 share of

profit was negative NOK 60.9 million

  • Outlook
  • Operational ramp-up increasing the

active fleet from three to nine vessels in first half of 2019

  • Strong back-log for active vessels in Q2

and Q3

  • 10
  • 14
  • 39
  • 63
  • 61
  • 80
  • 60
  • 40
  • 20

20 40 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Share of profit

KEY FIGURES

NOK million

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SLIDE 12

Financial Review

Q1 2019

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SLIDE 13

Income statement

(1) Based on average number of shares

NOK mill Q1 2019 Q1 2018 31.12.2018 Operating income 48.1 31.4 231.9 EBITDA

  • 62.1
  • 21.6

254.9 Operating profit

  • 92.4
  • 50.7

200.7 Net financial income and expenses

  • 12.1
  • 8.4
  • 52.6

Profit before tax

  • 104.5
  • 59.1

148.0 Net profit

  • 104.5
  • 59.1

148.1 Earnings per share (1)

  • 1.21
  • 1.03

2.68

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SLIDE 14

Balance sheet 31.03.2019

  • Total balance NOK 2,837 million
  • Equity ratio 56.0%
  • Cash position NOK 168.8 million
  • Net debt NOK 1,043.6 million

NOK million 169 59 49 1189 2619 1589 500 1 000 1 500 2 000 2 500 3 000 Assets Equity & Liabilities Fixed assets Other current assets Cash & liquid assets Equity Long-term liabilities Current liabilities

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SLIDE 15

Outlook and Summary

Q1 2019

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SLIDE 16

Outlook

  • Short-term market view
  • The oil price has increased from USD 50 at the start of 2019 to USD 75 per barrel in April
  • The overall offshore market sentiment has become more positive, but improvements in market activity

and market rates has been slower than expected

  • Expected market trends
  • Subsea: Slower-than-expected recovery in utilization and day rates
  • Renewables: Good activity levels for the summer season and increasing market rates due to limited vessel

availability

  • Marine seismic: Several tender awards and improved activity levels and market rates
  • Ice/support: Stable and unchanged activities in a gradually improving market
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SLIDE 17

Disclaimer

This quarter presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for GC Rieber Shipping ASA and its

  • subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing

words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for GC Rieber Shipping’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although GC Rieber Shipping ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. GC Rieber Shipping ASA nor any

  • ther company within the GC Rieber Shipping Group is making any representation or warranty, expressed or

implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither GC Rieber Shipping ASA, any other company within the GC Rieber Shipping Group nor any of their directors,

  • fficers or employees will have any liability to you or any other persons resulting from your use of the

information in the Presentation. GC Rieber Shipping ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation.